Shares of the Bharat Petroleum Corporation rose more than 2 per cent on Thursday after the Reserve bank of India allowed Foreign Institutional Investors (FIIs) to invest up to 49 per cent under the Portfolio Investment Scheme (PIS).
"Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 49 per cent of the paid up capital of Bharat Petroleum Corporation Ltd. under the Portfolio Investment Scheme," RBI said in a release.
The Reserve Bank has stated that the company has passed resolutions at its Board of Directors' level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares by FIIs/RFPIs.
The purchases could be made through primary market and stock exchanges.
Shares of the company were seen trading at Rs 1003, higher by 2.37 per cent on BSE at 1.20 pm IST. It touched an intra-day high of Rs 1005 during the trade.